Pakistan

ISLAMABAD: Amid Increasing Russian Companies Intrest in Pakistan owing to digitalization, the Competition Commission of Pakistan (CCP) and the Federal Antimonopoly Service (FAS) of the Russian Federation have signed a Memorandum of Understanding to enhance bilateral cooperation in the field of competition policy. The MoU was signed by Chairman CCP Dr. Kabir Ahmed Sidhu and FAS Deputy Head Mr. Andrey Tsyganov during the 10th session of the Russia–Pakistan Intergovernmental Commission on Trade, Investment, Scientific and Technical Cooperation. The signing marks a significant step toward deepening institutional coordination, promoting fair market practices, and strengthening economic ties between the two countries. The MoU provides a structured framework for collaboration, including the exchange of expertise, best practices, and regulatory experience in areas such as cartel investigations, abuse of dominance, merger control, deceptive marketing, and sectoral competition assessments. Under the agreement, both authorities will engage through regular meetings, consultations, workshops, expert exchanges, and joint research initiatives. FAS was established 35 years ago and operates with a significantly wider mandate compared to the CCP. It has nearly 1,000 employees at its headquarters, whereas the CCP has around 250 staff members in Islamabad. FAS also maintains independent regional offices that play a highly effective role in curbing cartelization and deceptive marketing practices. The CCP stands to learn a great deal from Russia’s extensive regulatory experience, and both sides will hold joint sessions in the near future to deepen cooperation and knowledge sharing.The cooperation is expected to pave the way for stronger regulatory coordination, enhanced enforcement capacity, and more competitive and consumer-friendly markets in both Pakistan and Russia.

To facilitate taxpayers in making over-the-counter (OTC) payment of Government duties and taxes, it has been decided that all Saturday opening branches of commercial banks (including NBP branches handling customs collection) shall observe extended working hours from 09:00 A.M. to 05:00 P.M. on Saturday, November 29, 2025. The NBP designated branches manually collecting Government receipts and payments shall settle their transactions with respective SBP-BSC field office / head office on the same day, immediately after completion of the same-day clearing process. To ensure same day settlement, all instruments related to Government receipts and payments presented at bank counters on November 29, 2025 shall be collected by NIFT through Special Clearing at 05:30 P.M. The NIFT shall also provide the clearing fate of these instruments by 11:30 P.M. on the same day.

KARACHI: Pakistan has cemented its status as a net fuel oil exporter, with shipments hitting an all-time high of over 1.4 million metric tons (8.9 million barrels) in 2025 — up more than 16% from last year, according to Kpler and LSEG data.High domestic taxes and the rapid shift of power plants to coal, LNG and solar have made local sales unviable, pushing refiners to ship surplus high-sulphur fuel oil (HSFO) and very low-sulphur fuel oil (VLSFO) to Southeast Asia and the Middle East. The flood of Pakistani cargoes has added to Asia’s already oversupplied marine fuel market, further pressuring regional cracks.Cnergyico, the country’s largest refiner, exported ~247,000 tons in FY25 and expects at least 50% growth this fiscal year after switching to lighter crudes and tying up with Vitol for low-sulphur marine fuel supplies. Pak-Arab Refinery leads the export pack, followed by Attock, National and Pakistan Refineries.Industry officials say the trend will only strengthen. “Furnace oil has no future in power generation and is no longer profitable domestically after the latest budget taxes,” said Syed Nazir Abbas Zaidi, secretary general of the Oil Companies Advisory Council. “Exports will keep rising through 2026 and beyond.”From net importer in 2022 to record exporter in 2025, Pakistan’s fuel oil trade has flipped dramatically.

KARACHI: Pakistan National Shipping Corporation Limited (PNSC) has received cabinet approval to expand its business, with plans to invest US$500 million in fleet modernization and growth, targeting a 20% return on capital employed (ROCE) from new projects. According to the company’s corporate briefing, addition of new vessels is expected to take three to four years to reach break-even. PNSC has already awarded contracts for two Aframax tankers (110–111k DWT at US$74.5 million each) and one MR tanker (50k DWT at US$44.5 million), totaling US$193 million, with 20–25% financed via equity and the remainder through local currency debt. Deliveries are expected by January 2026. The company is also exploring further fleet additions, including vessels equipped with fuel-efficient tier-3 engines. Management highlighted challenges including a 20% sales tax on vessel imports, although deferment in installments is under consideration. Freight revenues remain under pressure due to geopolitical unrest in the Red Sea, the Russia-Ukraine conflict, Iran tensions, and US tariffs, though the new vessels are expected to improve revenues, reduce fuel and maintenance costs. During FY25, PNSC reported a profit after tax of Rs6.6 billion (EPS Rs33.72) on revenues of Rs6.9 billion, despite a 25% year-on-year decline in sales, driven by gains on vessel sales and impairment reversals. Early FY26 performance shows an 11% rise in sales and a 3 percentage point improvement in gross margins. The company reaffirmed its commitment to stable dividend payouts while balancing capital expenditure requirements.

ISLAMABAD: Pakistan’s annual gold demand is estimated at 60 to 90 tonnes, valued at roughly $8–12 billion, yet over 90% of this trade occurs in the informal and undocumented market, according to the Competition Commission’s latest report. To put this in perspective, the total demand is comparable to the empty weight of a Boeing 767 airliner, which ranges between 80–82 tonnes depending on the model. The Competition Commission of Pakistan (CCP) has released its maiden Competition Assessment Study of the Gold Market in Pakistan, providing the first evidence-based analysis of the sector’s structure, regulatory landscape, and competitiveness challenges. The study, conducted by CCP’s Center of Excellence in Competition Law (CECL), maps a market historically dominated by informality, fragmented oversight, and pricing opacity. According to the report, Pakistan’s annual gold consumption ranges between 60 to 90 tonnes, driven largely by cultural demand, while over 90% of gold trading occurs outside formal channels. The market relies almost entirely on imports, with USD 17 million worth of gold imported in FY 2023-24. The study highlights the transformative potential of the Reko Diq copper-gold project, expected to generate up to USD 74 billion over its 37-year of useful life and significantly reshape domestic supply chains. The report identifies deep-rooted barriers that suppress competition and distort market functioning: Informal market dominance: Weak documentation and cash-based transactions allow large informal networks to set prices and influence supply. Opaque price-setting: Daily gold rates are largely influenced by associations rather than transparent market mechanisms. Fragmented regulation: Overlapping and unclear mandates of Ministry of Commerce, Federal Board of Revenue (FBR), State Bank of Pakistan (SBP), Pakistan Gems and Jewelry Development Company (PGJDC) , and Trade Development Authority of Pakistan (TDAP) create policy inconsistencies and enforcement gaps. High taxes and compliance costs: Complex procedures, and inconsistent taxation encourage smuggling and under-invoicing. Limited refining, assaying and hallmarking capacity: Pakistan has negligible refining capability and inadequate assaying and hallmarking facilities, leading to widespread purity issues and weak consumer protection. Data deficiencies: Absence of reliable import, traders registration, sales, and purity data prevents evidence-based policymaking. To address these challenges, CCP has proposed a comprehensive reform package: 1. Establish a unified regulator: CCP suggest to establish the Pakistan Gold & Gemstone Authority to harmonize rules, licensing, imports, and Anti Money Laundering (AML) and Counter Financing Terrorism (CFT) compliance. 2. Mandatory assaying and hallmarking nationwide to ensure purity, protect consumers, and enable exports. 3. Digital transformation of the gold value chain with blockchain-based traceability integrated with FBR’s Track & Trace system. 4. Creation of a Gold Banking System, inspired by the Türkiye, Gold Banking System to mobilize household gold into the formal sector. 5. Strengthen data governance through centralized reporting, market documentation, and scientific price-monitoring mechanisms. CCP emphasizes that modernizing the gold sector will boost transparency, safeguard consumers, reduce illicit trade, and unlock significant economic value, particularly as Pakistan prepares for the commercial rollout of Reko Diq.

Islamabad: In a major push to realise Prime Minister Shehbaz Sharif’s “Made in Pakistan” vision, the 35th Board meeting of the Small and Medium Enterprises Development Authority (SMEDA), chaired by Special Assistant to the Prime Minister on Industries & Production Haroon Akhtar Khan on Tuesday formally announced the landmark “Made in Pakistan MSME Clusters 2025” national exhibition, scheduled for January 2026. The high-profile event, to be personally inaugurated by the Prime Minister, will showcase hundreds of MSME products, feature dedicated exhibition stalls, host a prestigious national MSME awards ceremony, and include panel discussions with top national and international experts. A special high-level panel in collaboration with D-8 countries is also being formed, while invitations are being extended to global buyers and partners. Auto sector expert Mashood Ali Khan, who attended the meeting, welcomed the decisions, stating, “These steps will drive the Made in Pakistan initiative, enhance SME competitiveness and create millions of sustainable jobs.” The meeting was attended by Federal Secretary Industries & Production Saif Anjum, Acting CEO SMEDA Nadia Jahangir Seth and senior officials. SAPM Haroon Akhtar Khan described Pakistan’s SME clusters as possessing “immense untapped potential” and confirmed that a detailed SME Business Plan – prepared with strategic support from A.T. Kearney – will soon be presented to the Prime Minister. He announced that top 100 MSMEs will be shortlisted for national recognition. Key initiatives approved in the meeting include: Launch of a dedicated e-commerce portal exclusively for women-led enterprises Deployment of specialised designer and digital marketing teams to promote SME products globally Reserved 50–100 acres in upcoming Special Economic Zones (SEZs) for ready-to-use SME facilities Aggressive push for single-digit markup long-term financing to bridge the SME funding gap Full policy alignment across Ministries of Finance, Commerce and Industries Provincial coordination led by SMEDA Board members for nationwide implementation The Board was briefed that cluster-specific business models are being finalised for both urban and rural regions, while Pakistani handicrafts will receive facilitated access to international trade fairs. Reiterating government priorities, SAPM Haroon Akhtar Khan said enabling women entrepreneurs through digital commerce and boosting exports via stronger digital advertising remain at the top of the agenda.

Karachi: Deputy Inspector General (Traffic) Pir Muhammad Shah said that under the government’s Vision 2030, Karachi’s traffic system will eventually be managed entirely through automation, with no traffic police personnel deployed on major roads. He was speaking at a meeting with industrialists at the Korangi Association of Trade and Industry (KATI).The DIG Traffic said the introduction of the e-challan system has already brought visible improvements in traffic discipline, with increased use of helmets and seat belts and greater compliance with traffic signals. He disclosed that in the past month, 58 per cent of e-challans were issued to luxury vehicles, while motorcycles, which make up nearly 60 per cent of the city’s traffic accounted for only 23 per cent of violations.Rejecting the perception that fines in Sindh are higher than in Lahore, he said the motorcycle fine in Lahore is Rs. 2,000 while in Sindh it is Rs. 2,500. The standard fine in Sindh is Rs. 5,000, however a 50 per cent discount is allowed if paid within 14 days, a facility not available in Lahore.Pir Muhammad Shah announced that from Monday a chatbot service would be launched to provide citizens with complete information regarding e-challans and other traffic-related matters. He added that a proposal has been submitted to the government for the establishment of a Karachi Traffic Management Company (KTMC), which would receive a share of challan revenue to fund improvements in road infrastructure. He informed that 1,076 cameras have so far been installed across the city, with a long-term plan to increase the number to 12,000, while Karachi currently requires at least 400 traffic signals. He also revealed that separate lists are being compiled for vehicles without proper registration records, and a pool of around 2,000 blacklisted vehicles has already been prepared. Citizens concealing or removing number plates to avoid e-challans, he warned, are committing a punishable offence.The DIG further stated that legislation requiring trackers in heavy vehicles has now been enforced, and automation is also being introduced in the transport system. While the Sindh Assembly is in session and fines may be revised, he maintained that heavy penalties, as practiced in developed countries, remain key to effective enforcement of traffic laws.Speaking on the occasion, KATI President Muhammad Ikram Rajput said that the implementation of e-challans has significantly improved road discipline, with widespread compliance with helmet and seat belt use and reduced signal violations. He noted a visible decline in traffic accidents since the system’s introduction and said it has also created difficulties for criminal elements. He stressed that the amount of e-challan fines remains very high and should be reduced. He also called for the rapid completion of the Safe City Project in Karachi and expressed concern that deputation of traffic personnel to other police duties could create a manpower shortage on roads. Deputy Patron-in-Chief Zubair Chhaya said the absence of a mass transit system has contributed to traffic chaos in the city and demanded across-the-board enforcement against tinted windows. He also highlighted the urgent need to curb violations by dumpers and heavy vehicles, adding that while the e-challan initiative is commendable, it is a new system with shortcomings that are expected to improve with time. He said the business community wants a stronger traffic management framework, removal of encroachments and an increased number of signals so that Karachi can operate as a properly organized metropolitan city and leave a positive impression on foreign visitors.

Finally, as the Roll-over week progressed, PSX began to show signs of recovery, with the KSE-100 Index closing at 163,189 points, up 1,496 points or 0.93%, said Ali Najib, Deputy Head of Trading at Arif Habib Ltd. The session opened on a flattish note but quickly came under selling pressure once trading resumed, dragging the index to an intra-day low of 160,565 (-1,128 points or 0.70%) and briefly slipping below the 161k mark. However, value hunters stepped in, providing much-needed support and helping the benchmark rebound into positive territory by the close. On the macro front, Pakistan’s unemployment rate has climbed to 7.1%, the highest in 21 years. The Planning Minister attributed this rise to the IMF program and climate-related disruptions, which constrained economic activity and job creation. FFC dominated the positive contributors with 532 points, while renewed interest in banking stocks including MEBL, HBL, NBP and UBL added another 523 points to the day’s rally. Market activity remained moderate, with over 635 million shares traded and a turnover of Rs 38.9 billion. WTL once again topped the volume chart with 47.7 million shares. Outlook: Market momentum continues to strengthen as the Roll-over week progresses. Going forward, the index is expected to maintain a positive trajectory and may march toward the 165k level in the two remaining sessions of the week

Islamabad: Pakistan’s unemployment rate climbed to 7.1% in fiscal year 2024-25, the highest since 2003-04, according to the long-delayed Labour Force Survey released Tuesday by the Pakistan Bureau of Statistics. The figure marks a sharp rise from 6.3% in 2020-21 and surpasses the previous peak of 6.9% recorded in 2018-19.Planning Minister Ahsan Iqbal blamed the surge on the IMF’s stringent $7 billion stabilisation programme, climate-induced disasters, and global price shocks that curbed economic growth to under 3% annually. “These factors severely constrained job creation,” he said, noting that 3.5 million new workers enter the market yearly.Khyber Pakhtunkhwa recorded the highest rate at 9.6%, followed by Punjab (7.3%). Sindh had the lowest at 5.3%. Of nearly 180 million working-age Pakistanis, a staggering 118 million—two-thirds—are unpaid, largely performing household chores, childcare, livestock rearing, or fetching water.The survey also revealed agriculture’s employment share dropped over 4% to 33.1%, while manufacturing fell marginally to 14.4%, hit by high interest rates and energy costs. Over 72% of non-agricultural jobs remain informal.Released under IMF conditions, the report underscores Pakistan’s struggle to absorb its growing labour force amid structural challenges and external pressures.